Prior to founding Harney Partners ins 1991, Jim had an 18-year career as a commercial lender in Chicago and New York. He is a recognized industry leader in the turnaround and crisis management field providing management and advisory services to companies facing complex situations. His successes have been recognized by his industry peers through numerous regional and national awards from the Turnaround Management Association and the M&A Advisor.
Jim’s extensive banking experience helps him fully represent his client’s interests – specifically with respect to the client’s lender. Jim has been in the lender’s chair so he has a strong understanding of both the spoken and unspoken motives that drive a lender’s decision making. In his career as a lender, he was directly involved with and responsible for approximately $4 billion in commercial loans and was responsible for the management of numerous senior and mid-level personnel. He established and managed the Chicago office of Glenfed Capital Corporation, where he held the title of Senior Vice President. Prior to his time at Glenfed, Jim served with The First National Bank of Chicago as a Vice President in charge of New Business Development; Irving Trust Company as Chicago Office Vice President and Manager, and as Account Executive with the privately held finance company, Rosenthal & Rosenthal, Inc. in New York. In addition to being a lender and a consultant, Jim has also been an entrepreneur with ownership interests in several different manufacturing companies over the years.
of Madison Kipp Corporation, an aluminum die caster supplying internal vehicle components to the automotive industry. Kipp was successfully restructured during the automotive crisis avoiding insolvency proceedings. Jim was the acting CEO of the Company for much of the engagement.
of an automotive dealership group selling Cadillac, GMC, Chevrolet and Buick. The Company had fallen into default with their lender requiring Harney to sell one of the dealerships thereby returning the Company to profitability and the renewal of their line of credit.
involved in litigation between a money center bank and a professional group in dealing with a troubled company. The litigation was successfully settled out of court.
represented a distributor of oil field tubular goods. The Company emerged from Chapter 11 satisfying 100% of unsecured debt.
of a thermoformer serving the automotive and food industry. After engineering a restructuring of the operation and buyout of retiring owners, Harney was elected to the Board of Directors.
of Prestressed Engineering a producer of oversize bridge beams for Illinois Highway construction. The Company operated during the assignment completing integral concrete beams for roads in progress after which the Company was successfully sold.
to LongVANS, Inc. and its 14 related LLCs based in Green Bay, Wisconsin and operating in a six-state territory. The company and related entities had not been making debt service payments to multiple secured lenders for many months. This engagement was recognized by both the Turnaround Management Association as Small Company Transaction of the Year and the M&A Advisor as the Divestiture of the Year.
to Wick Building Systems, Inc. a Chapter 11 debtor in Madison, Wisconsin. This matter involved the closure of two unprofitable divisions and the operation/sale of a third, profitable division, after an extensive §363 sale process. The efforts in this case were recognized by our industry peers through receipt of the Community Impact Deal of the Year by the M&A Advisor.
to InGEAR Corporation a Chicago-based $70 million contract manufacturer of luggage, sports bags, and backpacks for private label brands sold at Target, Kohl’s, J. C. Penney, Walmart and K-Mart. This engagement involved the orderly wind down of activities in both the U.S. and Asia, a §363 asset sale in Chapter 11, as well as the identification of financial and collateral reporting irregularities by the debtor’s management.
with other members of Harney Partners, to ten-member bank syndicate related to its $350 million credit facility to Neuman Distributors, Inc., which was the 6th largest drug and pharmaceutical products wholesaler in the United States at that time, with annual sales of $2.5 billion in the year the engagement began.
a national furniture rental company, called on Harney for two separate periods of transition. The first engagement was to secure a new credit facility to support the extraordinary growth the company was experiencing, while the second engagement involved a significant debt restructure to secure the financial platform for further growth.
Recent Blog Posts & Presentations By James E. Harney, CTP
During the last forty years, first as an asset-based lender and later as a restructuring professional, I have observed many economic cycles and seen the impact those cycles have on…Read More
“So, what do you do for a living?” When asked this question, my first answer is that I’m a business consultant. If the person probes a bit deeper, I explain…Read More